Viewpoint: 50% of BTC's total supply has changed hands above $59,000, bottom formation in progress

BlockBeats News, July 19th, analyst Darkfost stated that Bitcoin is currently forming a key support zone in the $59,000 to $70,000 range, which is one of the most densely defended price ranges in Bitcoin's history. More notably, 50% of Bitcoin's total circulating supply has changed hands above $59,000, a percentage that would be even higher if we exclude the millions of BTC widely believed to be permanently lost. This area is currently witnessing a tug of war between bulls and bears.

The currently active group is the short-term holders, whose behavior is showing a divergence between capitulation and absorption. Currently, many Bitcoin metrics are in extreme oversold or pessimistic territory, making it difficult to pinpoint the absolute bottom price, while the bottom structure is currently being established.